Jun 29, 2022 08:35:50
Steps to Marketing New Products by Kristie Lorette, Demand Media 04/11/2014
Steps to Marketing New Products
by Kristie Lorette, Demand Media

How to launch a new product with marketing.

How to launch a new product with marketing.

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Whether you are marketing a new product or adding a new product to your business line, successfully launching the product and garnering awareness can have an impact of how successful the product is. According to the More Business website, marketing a new product requires a targeted marketing strategy where the goals are to generate revenue and build a strong customer base.

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You can learn a lot about how to market and not market your product by taking a look at what the competition is doing. If there is not an identical product on the market, then use similar products as part of your research project. Put on your consumer hat when doing your research, view the product and compare it with your own product from the viewpoint of the customer. Taking this approach can help you gain insight on what tactics may work to sell your product and what may not be as successful when considering the customer.

Think about the customers most likely to buy your product. Write down a description of who they are. Get as descriptive as possible so as to list age, economic status, geography, work status. You can determine these characteristics by reviewing similar products and analyzing the customers who purchase those products. By identifying your target market, you can highlight the benefits and features of your product most important to them.

Related Reading: Marketing Tips for a New Product

Also known as the marketing mix, to reach your target market, use different forms of marketing, advertising and media to reach them. Members of your target market not only go online or read the local newspaper. Figure out the different avenues you can take to be where your target market is and then add it to your marketing mix. Use some online, some face-to-face and some print forms of marketing and track the response rates and results of each. Those with high response rates should be utilized again. Those with less than optimal results should be modified to improve the response.

Launching the new product should involve creating a great deal of buzz around the product launch. Use as many marketing techniques as possible to generate awareness and garner interest in the product. Some companies start to create the buzz in the weeks leading up to the big launch. A series of emails may go out to existing companies mentioning things such as, “We have exciting news to share with you! On March 12, we’ll be launching a product that may change the way you do laundry. Stay tuned!” A subsequent email may say, “Our big news is just three days away. Are you ready to revolutionize your laundry room? We are and we have just what you need to make it happen. Mark your calendar for March 12.”